Alerts and Updates

As has been noted in the press, the United States and certain other countries, including China, France, Germany, Russia and the United Kingdom, have been engaged in negotiations with Iran related to Iran's nuclear program.

On December 9, 2014, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), published in the Federal Register (Vol. 79, No. 236, pp. 73141–73143) previously issued guidance relating to the provision of temporary sanctions relief affecting:

Iranian petrochemical products,

Iran's auto industry,

Sanctions related to gold and other precious metals,

Sanctions related to civil aviation,

The facilitation of humanitarian and certain other transactions relating to correspondent or payable-through accounts,

Blocking sanctions and

The waivers required to implement the temporary relief from sanctions.

As has been noted in the press, the United States and certain other countries, including China, France, Germany, Russia and the United Kingdom, have been engaged in negotiations with Iran related to Iran's nuclear program. These negotiations are ongoing. As such, the United States has agreed to extend the temporary sanctions relief that was to expire on November 24, 2014 (original expiration date was July 20, 2014).

Although the guidelines were made available on OFAC's website on November 25, 2014, OFAC has now decided to publish them in the Federal Register.

OFAC has listed contact information that includes: Assistant Director for Licensing, 202-622-2402; Assistant Director for Policy, 202-622-2480; and Assistant Director for Regulatory Affairs, 202-622-4855. In addition to the Federal Register publication, the Guidance can be found on OFAC's website: www.treasury.gov/ofac.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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